S. 69 : Unexplained investment-Bogus purchases-Accommodation entries-Estimation of 12.5 Per cent on alleged bogus purchases is affirmed. [S. 69C]

S. 68 : Cash credits-Bogus purchases-Estimate of 5% of alleged bogus purchases confirmed by the Tribunal is affirmed-No substantial question of law. [S. 69, 260A]

S. 48 : Capital gains-Mode of Computation-Amount paid for professional advice-Allowable as deduction. [S. 45, 48(i)]

S. 37(1) : Business expenditure-Commercial expediency-Agreement for services relating to increased efficiency-Foreign travel of wives of directors-Allowable as deduction.

S. 37(1) : Business expenditure-Contract business-Provision For estimated loss-Accounting Standard 7-On facts held to be not allowable. [S. 145]

S. 37(1) : Business expenditure-Provision for future expenses based on turnover-Provision is not contingent-Allowable as deduction. [S. 145]

S. 37(1) : Business expenditure-Capital or revenue-Security deposit for lease premises-Foregone in dispute with lessor-Capital expenditure-SLP dismissed.[Art. 136].

S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts-Schedule bank-Advances written off-Allowable as deduction-Limited purpose the matter is remanded to the Assessing Officer. [S. 36(1)(v), S.36(1)(vii), 36(2)]

S. 36(1)(iii) : Interest on borrowed capital-Tribunal deciding on the basis of Judgement of High Court-High Court judgement is overruled by Supreme Court-Directed to recompute the disallowance in line with Supreme Court judgement.[S. 260A]

S. 28(i) : Business loss-Bad debts-Commercial expediency-Expenditures incurred by subsidiary till its winding up-Amount disallowed as bad debt can be claimed as business loss. [S. 36(1)(vii), 36(2), 37(1)]